China Current Account

China recorded a current account surplus of $149.6 billion in the third quarter of 2024, soaring from the $60.8 billion in the corresponding period of the previous year, to mark the widest surplus in two years. The goods surplus widened sharply to a record-high of $229.8 billion from $156.1 billion in the earlier year, as the weakening domestic demand for goods drove companies to rely on foreign markets to meet sales targets. In turn, the services deficit narrowed to $58.5 billion from $60.9 billion and the primary gap narrowed to $28.5 billion from $36.7 billion. In turn, the secondary income surplus narrowed to $4 billion from $23 billion.